The Finnish textile supplier Marimekko Corporation was able to slightly improve its sales in the third quarter of 2022 thanks to strong growth in foreign business. However, cost increases ensured that profits fell well short of the corresponding prior-year level. This emerges from an interim report published on Wednesday.
According to this, group sales in the months of July to September amounted to 44.1 million euros, which corresponds to growth of four percent compared to the same quarter of the previous year. Revenues in Finland fell 7 percent, but this was more than offset by a 28 percent increase in international business. The Asia-Pacific region in particular has “developed strongly” recently, the company explained.
Higher fixed costs and logistics expenses weighed on the result. As a result, operating profit fell by 15 percent to EUR 11.1 million compared to the comparable figure for the previous year. The quarterly surplus also shrank by 15 percent and amounted to 8.9 million euros.
In the first nine months of the current year, Marimekko achieved sales growth of 13 percent to 118.1 million euros. The net profit reached a level of 18.7 million euros and exceeded the corresponding level of the previous year by one percent.